It’s official – Promina Group is still riding high and expects to meet its profit forecasts. But that doesn’t mean the group is going to buy one of the top major takeover tips at present – Tower Group and Suncorp Metway.

CEO Mike Wilkins, who faces his first annual general meeting on Friday – and we predict it will be a cheerful affair – says the first quarter’s results have given him confidence that 2004 will be as good as 2003 when it comes to earnings.

Unlike his counterpart at IAG, Michael Hawker, Mr Wilkins isn’t going to fuel any speculation about takeovers, telling reporters last week he isn’t considering any big acquisitions at present. Instead, the company will focus on organic growth. 

While Mr Wilkins has a strict policy of not discussing any specific M&A ambitions, reporters got to him last week when he found himself confronting questions about his ambitions regarding trans-Tasman financial services group Tower. Market speculation has seen Tower’s share price rise 11% over the past couple of weeks. But Mr Wilkins says the Tower speculation is just that. “We are not in any discussions with Tower.”